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March Pending Home Sales Improve but Overall Pace Leveling

WASHINGTON (April 29, 2013) - Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of Realtors®.

Loan Demand Rises as Rates Fall

Mortgage applications for refinancings, which make up the biggest bulk of MBA's index, rose 3 percent for the week ending April 26, reaching its highest level since January. Meanwhile, mortgage applications for home purchases fell last week by 1.4 percent compared to a week earlier.

"Low interest rates have attracted new buyers and persuaded many home owners to refinance their mortgages," Dow Jones reports. "However, tightened credit restrictions still bar many borrowers from filing loan applications."

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The Vail Board of REALTORS® is a professional trade association of over 700 licensed real estate agents and 200 Affiliate Members. Our members abide by a strict code of ethics and have access to a wide variety of business services that are not available to non-REALTORS®.